Crypto Long & Short: Crypto VCs are mistaking consensus for discipline

In this week's Crypto Long & Short, Varun Datta of Truth Ventures argues that crypto venture capital's shift to later-stage deals is a consensus trade disguised as discipline. He contends that the founding-stage gap, where proven companies took 57% of last quarter's capital, is where the true returns lie, and outlines three key indicators for identifying promising early-stage investments.